Reported Loan by Peking from Customs Surplus Some time ago, owing to the absence of demand from Europe and America, a number of the smaller silk filatures in Shanghai were compelled to close. So serious was the condition of the industry that not only were filature owners faced with very heavy losses, and indeed bankruptey in some cases, but numbers of employees were thrown out of work. The filature ownéts and the Cocoon Merchants' Guild in the circumstances made an appeal to the Peking Government' for financial assistance to tide them over the crisis.
Yesterday the report was current in Chinese circles' that the Government had decided to advance $2,000,000 out of the Customs surplus with the object of enabling the local industry to meet the crisis. This sum was to be repaid, it is said, in annual payments.
It is to be hoped that this report is correct, but inquiry in usually well-informed circles has failed to confirm it in any way, and those interested in the silk industry are hardly prepared to accept the re~ port until further evidence is forth~ coming.
Text read from the printed page and cleaned; old type leaves the occasional error.